Mountlake Terrace, WA—98043
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Mountlake Terrace, WA
As of Oct '25, the median home price in Mountlake Terrace, WA is $675,000, with a year-over-year change of -1.3%. This indicates that home prices in Mountlake Terrace, WA are decreasing. According to Zillow, the 1-year price projection is 0.1%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $675,000 | -1.3% |
| Single Family | $708,000 | -1.4% |
| Condos | $405,000 | -1.9% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $285,000 | -4.0% |
2 Bed | $503,000 | 0.0% |
3 Bed | $682,000 | -1.6% |
4 Bed | $808,000 | -1.5% |
| 5 Bed | $893,000 | -1.3% |
% of Housing Stock
Rental Trends — Mountlake Terrace, WA
As of July '25, Rentcast reports the average rent in Mountlake Terrace, WA is $2,740, with a year-over-year rent change of 6.6%. Per bedroom, the median rent as of July '25 in Mountlake Terrace, WA is studios: $1,680, 1-bedrooms: $1,730, 2-bedrooms: $2,540, 3-bedrooms: $3,470, 4-bedrooms: $3,210. The most common rental property sizes in Mountlake Terrace, WA are 2-bedroom and 1-bedroom, accounting for 47.1% and 31.1% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,600 | $2,740 |
| Studio Rent | $1,680 | $1,680 |
| 1 Bed Rent | $1,740 | $1,730 |
| 2 Bed Rent | $2,480 | $2,540 |
| 3 Bed Rent | $3,550 | $3,470 |
| 4 Bed Rent | $2,900 | $3,210 |
% of Rental Stock
Property Listings — Mountlake Terrace, WA
As of Oct '25, Realtor.com reports that the median days on market for a home in Mountlake Terrace, WA is 38. This is a increase of 10.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 23.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $625,000 | 3.0% |
Listing Count | 53 | 37.0% |
| Listings as % of Homes | 0.2% | 37.0% |
Days on Market | 38 | 10.0% |
Demographics — Mountlake Terrace, WA
As of the latest ACS Survey released in 2023, Mountlake Terrace, WA has a population of 21,400, which has increased by 1.4% over the past 5 years. Mountlake Terrace, WA is a moderately popular place for families, as children make up 17.7% of the population. The area has a moderately educated workforce, with 41.8% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 22.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 21,400 | 1.4% |
% Under 18 | 17.7% | -12.8% |
% Seniors | 16.9% | 49.6% |
% WFH | 22.6% | 438.1% |
% w/ College Degree | 41.8% | 20.5% |
As of the latest ACS Survey released in 2023, Mountlake Terrace, WA is a predominantly white area, with 60.6% of the population identifying as white. The white population has shrunk by 4.7% in the last 5 years. The second most common race or ethnicity in Mountlake Terrace, WA is hispanic, making up 17.2% of the population. Foreign-born residents account for 18.3% of the population in Mountlake Terrace, WA, and this percentage has decreased by 18.7% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 60.6% | -4.7% |
% Black | 3.6% | -47.1% |
% Hispanic | 17.2% | 60.7% |
% Asian | 10.4% | -14.0% |
% Foreign Born | 18.3% | -18.7% |
Mortgage and Risk — Mountlake Terrace, WA
According to HUD data as of 2023, there were 319 mortgage originations in Mountlake Terrace, WA, of which 93.0% of loans were conventional mortgages. The average loan-to-value was 56.0%, with 18.0% above 90% LTV (elevated). This implies medium mortgage risk in Mountlake Terrace, WA. Investor activity is low, as 1.0% of loans were by investors. 9.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 319 |
% Conventional Loans | 93.0% |
% Government Loans | 7.0% |
% Investor Loans | 1.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 9.0% |
Loan Activity
Rentals and Section 8 — Mountlake Terrace, WA
As of 2024, the percent of homes in Mountlake Terrace, WA under the Section 8 program is 5.5%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom and 2-bedroom and 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Mountlake Terrace, WA, because HUD payments exceed market rent, while 3-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 214 |
Total Units Section 8 | 214 |
% Rentals under Section 8 | 5.5% |
% Occupied Section 8 | 90.7% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $440 | $1,740 | $2,180 |
| 2 Bedroom | $60 | $2,480 | $2,540 |
| 3 Bedroom | -$200 | $3,550 | $3,350 |
| 4 Bedroom | $1,000 | $2,900 | $3,900 |
Affordability — Mountlake Terrace, WA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 6.2 |
| Median Home Price | $675,000 |
| Median Household Income | $101,000 |